Penang Chief Minister Lim Guan Eng has revealed federal government valuations which purportedly show that a plot of state land was leased to private firm Island Hospital for a price within its estimated value.

Island Hospital obtained a 99-year lease on the Peel Avenue plot for RM156 million from the state government.

In comparison, Lim disclosed information from the Finance Ministry which confirmed that the plot, if sold freehold, was evaluated to be worth RM156,440,000.

Furthermore, Lim showed a letter from the Penang Valuation and Property Services Department dated October 13, 2015, which stated that the 6.4 acres (26,074 square metres) of land was evaluated to be worth RM5,700 per square metre or RM148,620,000 in total, if sold on a leasehold basis.

The valuation was valid for a year from September 3, 2015, said the Department...